Staff Writer
Nyaradzo Life Assurance Company continued to dominate the life sector in terms of insurance revenue with 40,1% of the market share, driven by funeral assurance business as the major source of revenue.
The Life company also had a market share of 33 percent of the total foreign currency denominated business written by the life assurance sector, thus indicating the dominance of funeral products relative to other life products offered in the market.
On distribution of insurance revenue by company, three insurers continued to dominate the sector, with a combined market share of 67%, while the remaining nine companies shared the remaining 33%.
According to the IPEC Life Assurance Sector report for the quarter ended March 31, 2024, life assurance sector received foreign currency revenue amounting to US$22,25 million.
“Forex business was mainly driven by policyholders opting to pay for their policies in US$ to avoid frequent premium reviews and erosion of the value of benefits,” reads the report.
Market Share by US$ Insurance Revenue
Market Share in Terms of Insurance Revenue
The Commission urged the life assurance sector to be innovative and develop products that speak to both the obtaining business environment, changing consumer taste, and changing population demographics.
In terms of sector assets, three (3) entities dominate the market, with 76.58 % of the life assurance sector total assets, while the remaining entities held the remainder of 23.42%.
Ipec said the life assurance sector remains relatively sound with assets that exceed their liabilities.
Distribution of Insurance Revenue by Product Line Per Company
